Gawker Media founder Nick Denton filing for Chapter 11 bankruptcy

Gawker Media founder Nick Denton will file for Chapter 11 personal bankruptcy protection today and such move will prevent Hulk Hogan from seizing his assets after the $140 million judgment against him, Gawker Media, and former writer A.J. Daulerio. Daulerio is also filing for bankruptcy.

Gawker Media filed for Chapter 11 bankruptcy protection in June and the assets of the company will be sold at an auction this month.

Both defendants – Denton and Daulerio – along with Gawker Media filed for appeal but a ruling is not expected from the appeals court until next year and the Florida court, Florida appeals court, and a bankruptcy court in New York have all denied a stay in the judgment.

“Gawker Media Group’s resilient brands and people will thrive under new ownership, when the sale closes in the next few weeks,” Denton wrote on Twitter. “On this bitter day for me, I am consoled by the fact that my colleagues will soon be freed from this tech billionaire’s vendetta.” Denton was referring to Peter Thiel who secretly funded Hulk Hogan’s trial against Gawker and who had a long history with Gawker after the company outed him as gay.

Hogan’s attorney David Houston commented on the news that Denton and Daulerio are filing for bankruptcy. “Mr. Denton and Mr. Daulerio’s legal maneuvering is nearing an end. It is time for them to take responsibility for what they’ve done.”